Oil prices close higher as the market assesses US inventory data
Oil barrels
Oil prices rose at the close of trading today, Dec. 17, as the market assessed crude inventory data that showed resilience in US demand, along with escalating tensions between Washington and Caracas.
Brent crude futures for February 2026 delivery rose 1.29% or 76 cents to $59.68 a barrel. WTI crude futures for January 2026 delivery jumped 1.21%, or 67 cents, to $55.94 a barrel.
US President Donald Trump imposed a complete blockade on sanctioned ships entering and leaving Venezuela, while Kpler data indicated that 34 sanctioned tankers were sailing in Caribbean waters following the imposition of the blockade.
Data from the Energy Information Administration revealed that commercial crude oil inventories fell by 1.3 million barrels last week, indicating resilient demand in the world's largest economy.
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